Morning Beats

VAIDS: Politicians, high profile individuals lobby FG for extension

With less than three weeks to the expiry of the Voluntary Asset and Income Declaration Scheme, pressure is beginning to mount on the Federal Government to extend the tax amnesty programme.Punch

Subsidy: Deregulation’ll curb petrol smuggling, say major marketers

Against the backdrop of the declaration by the Nigerian National Petroleum Corporation that petrol consumption had risen to 50 million litres daily, the Federal Government has been urged to fully deregulate the downstream sector to stem the smuggling of Premium Motor Spirit (petrol) to neighbouring countries.Punch

NNPC cuts down crude production cost to $20/barrel

The Nigerian National Petroleum Corporation on Monday announced that it had been able to reduce the cost of producing a barrel of crude oil to $20.Punch

We’ve informed Buhari of new draft revenue formula – RMAFC

The Revenue Mobilisation Allocation and Fiscal Commission on Monday came close to confirming The PUNCH’s exclusive report that the Federal Government under two Presidents had frustrated the nation from getting the much sought-after new revenue formula.Punch

$1.3bn Malabu scam: Italian court shifts Shell, Eni’s trial

The trial of two oil giants, Eni and Shell, over bribery and corruption allegations in the purchase of an offshore oilfield in Nigeria, has been postponed till May 14.Punch

Experts say efficiency of Nigeria’s debt worrisome

Economists and experts have expressed worry over the utilisation of Nigeria’s growing debt profile.Punch

Nigeria’s trade account turned positive after recession – NBS

Nigeria’s trade account turned positive in 2017 as a rise in oil exports outweighed imports after dollar shortages frustrated transactions, the National Bureau of Statistics said.Punch

Stocks advance by N229bn, Caverton, Japaul lead gainers

The Nigerian stock market started the week in gain after 32 stocks appreciated, leading to a N229bn  rise in the Nigerian Stock Exchange market capitalisation.Punch

Bullish sentiment prevails in debt market

The bulls prevailed in the bonds market on Monday with a 0.003 per cent decline in the average yield. Yields on four bonds advanced while, the yields on eight instruments declined. Consequently, the average bond yield closed the day at 13.77 per cent.Punch

WASRA moves to build bond issuing framework

The West African Securities Regulatory Authorities is planning to establish a regional bond issuing framework for infrastructure financing in the region.Punch

‘Nigeria needs leaders that manage economy as quasi business’ — Saiyen

The economic development of Nigeria requires leadership that manages the affairs of the country as quasi-business going forward.Vanguard

9Mobile: Smile Telecoms tackles Barclays Africa, seeks bid review

Smile Telecoms, one of the telcos shortlisted in the bid process for 9Mobile sale, has described as “untidy” the manner in which Barclays Africa, financial advisors to the deal, has so far managed the transaction, and has called for a process review to ensure transparency.Vanguard

Heritage Bank campaigns for Commodity Exchange in Lagos-Kano MoU

Heritage Bank Plc has advised that the bilateral agreement between Lagos and Kano States on agribusiness should provide for a Commodity Exchange.Vanguard

Merger, acquisition in Nigeria, other African nations to hit $4.5bn in 2018

A new report has predicted that Merger and Acquisition, M&A in Nigeria and other African nations will rise to $4.5 billion this year.Punch

N361b T-Bills subscription raises market liquidity

The Treasury Bills (T-bills) has recorded improved performance for the second consecutive week as market liquidity and buying interests  rise, financial market analysts have said.The Nation

Oil workers suspend strike

epot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), and Major Oil Marketers Association of Nigeria (MOMAN) yesterday suspended their 14-days strike notice to the Federal Government owing to the government’s assurance to pay the outstanding N650billion debts to the marketers.The Nation

‘Anchor Borrowers’ scheme triggered rice revolution’

The Minister of Information and Culture, Alhaji Lai Mohammed, has credited the Federal Government’s Anchor Borrowers’ Programme with the current revolution in rice production across the country.The Nation

Fuel: DPR watching depots, retail outlets

The Department of Petroleum Resources, (DPR) Lagos Zone, has redoubled its surveillance at the depots and  retail outlets to further boost the ongoing efforts of the Federal Government to ensure constant supply of petroleum products across the nation.The Nation

Mombasa motorists to pay more in petrol price plan

Petroleum consumers in coastal towns could soon feel more pain at the pump if a proposal by the energy sector regulator to create uniform fuel prices across the country is adopted.Business Day Kenya

State yet to pay millers billions for subsidised flour

Maize millers are struggling to stay in business following delays by government to pay them billions of shillings accrued during the maize subsidy programme that ended last December.Business Day Kenya

US agency assigns Tanzania higher credit rating than Kenya

Global rating agency Moody’s has ranked Tanzania higher than Kenya in credit worthiness.Business Day Kenya

Sea Harvest almost doubles full-year earnings

Sea Harvest almost doubled its full-year earnings to end-December as a result of strong global demand for Cape Hake and the improved performance of its South African operations.Business Day

Rob Davies denies intervening to have African Bank’s fine reduced

Trade and Industry Minister Rob Davies has denied that the government intervened in the R300m fine that the National Credit Regulator (NCR) wanted to impose on African Bank in 2013 for reckless lending in order to have it reduced to R20m.Business Day

IMF Says Ghana Needs More Revenue, Fewer Spend Cuts for Goal

Ghana needs to improve revenue collection and can’t keep reducing spending on capital items to achieve its fiscal targets, the International Monetary Fund said.Bloomberg

These Banks Can't Pretend They're Not Important

Judging from their latest effort to roll back the Dodd-Frank Act, congressional Republicans think that regulators shouldn’t worry so much about the country’s next-to-largest banks — the ones with between $50 billion and $250 billion in assetsBloomberg

Draghi’s Three Reasons to Justify No Change in ECB Guidance

Mario Draghi has just received a triple whammy of evidence to justify playing it safe when he meets with fellow European Central Bank policy makers this week.Bloomberg